Spartan Commercial Mortgage Services is a Connecticut Commercial Mortgage Company that specializes in working with first time real estate investor loans. We cover most of the United States with a focus on the North East and East Coast. We offer Stated Income Commercial Mortgage loans as well as Conventional Commercial Mortgages. Furthermore, we pride ourselves on working with you every step of the way.
Allowed Property Types:
- Apartment Buildings and Multi-Family Properties
- Mixed-Use
- Retail and Office
- Auto Repair
- Day Care
- Funeral Home
- Beauty Shops
- Motels/Hotels
- Warehouse
- Mobile Home Parks
- Campgrounds
- Churches
- Self-Storage
- Dry Cleaner (Drop off only)
- Finally, Recreational properties
Ineligible Properties:
- Raw land
- Likewise, land requiring “ground up” construction (any loan requiring rehab work must equal 10% or less of the property value)
- Also, Gas stations (although, we will lend on auto repair/auto body shops) are not allowed.
LTV: Maximum LTV is 80% for first time real estate investor properties.
Credit Scores for First Time Real Estate Investor Financing:
- 660 Min Score for our Elite Program
- 600 Min Score for our Traditional Program.
Closings: Three to four weeks. This timeline is based on how quickly we receive all the required information. Also, the fix and flip (rehab) commercial loan can be closed in under 2 weeks.
Commercial Mortgage Financing Rates:
We offer 30 year fixed rates, 25 year fixed rates, 20 year fixed rates, and 15 year fixed rates. We also offer 5 or 7 year adjustable rate mortgages. Rates will vary depending on credit score. A 30 year fixed commercial mortgage can range from 6.375% to 8.5%.
Points: While Spartan Commercial does their best to not charge any upfront points, in some cases 1 to 2 points are charged depending on the transaction.
Prepay: Declining 5%-4%-3%-2%-1% Prepay Penalty. Call me for shorter prepayment terms.
States: We transact commercial mortgages in 42 states. Except for Alaska, Alabama, Hawaii, Michigan, Nevada, North Dakota, Vermont and West Virginia.
In conclusion, we are here to help with your upcoming commercial mortgage. We say “Yes” when your local bank says “No.” Since we specialize in this type of financing we are able to help you get your commercial mortgage closed quickly. As well, we will work with you every step of the way. Because the approval process for Commercial Mortgage Financing is seamless – your loan will close quickly.
Call us today for a free consultation or click here to get pre-approved.
Thanks,
Michael Meyer
President Spartan Commercial Mortgage Services
mike@spartancommercialmortgage.com
(860) 876-0572